The global portable mini fridge market size is expected to reach USD 1.3 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% over the forecast period. Increasing application of portable fridges in outdoor recreational vehicles including RVs, caravans, motorhomes, campervans, and vanity vans is expected to remain a key factor for the market growth. In addition, improvement in the hotel industry at the global level as a result of increasing travel spending by millennials for business and personal trips is expected to promote the scope for portable mini fridges over the next few years.
Enthusiasm for outdoor recreational activities such as camping has grown significantly among working professionals across the globe. These trends are driving the manufacturers of RVs, caravans, and motorhomes to add more luxury to their products so that the customers find them more productive and luxurious during their outing. Customers’ preference is shifting towards more luxury during their outing, which, in turn, will prompt the use of portable mini fridge in the foreseeable future.
Portable mini fridges also find a wide application in hotel rooms and suites, which is expected to opens new avenues for the market. Moreover, the hotel industry is growing at a significant rate across the globe. Major players include Marriott International, InterContinental Hotels Group, and Hilton Worldwide are investing in the expansion of their hotel chain in the untapped markets. For instance, in 2019, Hilton group has planned to inaugurate its new nine hotels around the world including countries such as Algeria, Colombia, Tajikistan, China, and India. Increasing investment in the establishment of new hotels is projected to promote the utility of compact and portable fridge in the foreseeable future.
North America was the largest regional market, accounting for 30.7% share of the total revenue in 2018 owing to increased participation by millennials in outdoor recreational activities in U.S. and Canada. In addition, positive outlook towards the hospitality sector in U.S. on account of increasing number of foreign travelers for vacation and professional trips is expected to promote the scope for the portable mini fridges in the near future.
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Further key findings from the report suggest:
- The commercial application segment held the largest share of more than 70.0% in 2018 owing to wide application in the RVs, caravans, motorhomes, campervans, and vanity vans
- North America was the largest market, accounting for 30.7% share of the global revenue in 2018 owing to increased number of millennial participants in outdoor recreational activities in U.S.
- Online distribution channel is expected to expand at the fastest CAGR of 5.6% from 2019 to 2025 owing to availability of a wide range of products with huge offers and discounts by some of the key e-commerce portals including Alibaba and Amazon
- Key players include in the portable mini fridge market are Midea Group; ARB; Danby; DOMETIC GROUP AB (PUBL; Living Direct, Inc.; Engel Australia Pty Ltd.; Haier Inc.; Whirlpool Corporation; Godrej Group; Electrolux AB; and WHYNTER LLC.